WUJIANG, CHINA -- (Marketwired) -- 08/13/13 -- China Commercial Credit, Inc. (NASDAQ: CCCR) (the "Company"), a microcredit company providing loans and loan guarantees to small-to-medium sized enterprises, farmers and individuals, today announced the pricing of its initial public offering of 1,370,000 shares of common stock at a price of $6.50 per share for gross proceeds of $8,905,000.
Net proceeds of approximately $7,542,600 from this offering will be used primarily to increase the Company's registered capital and corresponding lending and guarantee capacity, and for general working capital.
The common stock will begin trading today on the NASDAQ Capital Market under the symbol "CCCR."
The Company has granted the underwriter a 45-day option to purchase up to an additional 205,500 shares of its common stock at the initial public offering price, less the underwriting discount, to cover any over-allotments.
Burnham Securities Inc. acted as sole book running manager and representative of the underwriters in the offering. Axiom Capital Management, Inc. and ViewTrade Securities, Inc. acted as co-managers. Ellenoff Grossman & Schole LLP acted as counsel to the Company and Blank Rome LLP acted as legal counsel to the underwriters.
The offering of these securities will be made only by means of a prospectus. A registration statement relating to the shares of common stock has been declared effective by the Securities and Exchange Commission on August 12, 2013. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the final prospectus relating to the offering, when available, may be obtained for free by visiting the U.S. Securities and Exchange Commission website at http://www.sec.gov.
About China Commercial Credit
China Commercial Credit (http://www.chinacommercialcredit.com) was founded in 2008 and provides business loans and loan guarantee services to more than 360 small-to-medium enterprises (SMEs), farmers and individuals in China's Jiangsu Province. Due to recent legislation and banking reform in China, these SMEs, farmers and individuals -- which historically had been excluded from borrowing funds from State-owned and commercial banks -- are now able to borrow money at competitive rates from microfinance lenders.
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